According to The Financial Times, Apple is in talks to purchase Beats Electronics, founded by music producer Jimmy Iovine and Hip-Hop star Dr. Dre. The price has been reported at or around 3.2 billion.

Apple would acquire the recently launched Beats streaming music service and its audio equipment business, which includes its Beats headphones brand and audio equipment. Both Apple and Beats declined to comment.

Sources familair with the ongoing negotiations say the deal could be announced as early as next week.